At a Glance
Attractive rates valid till 31 Dec 2025
Eco-aware Renovation Loan: 5.68% 4.88% p.a. (EIR1 5.96% p.a.)
Renovation Loan: 5.88% 5.08% p.a. (EIR1 6.16% p.a.)
Hassle-free online application
Submit your application online with your digibank credentials
Peace of mind
with comprehensive insurance coverage
1 Effective Interest Rate (EIR): based on 60-months loan tenure and inclusive of 2% handling fee and 1% insurance premium.
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Features & Benefits
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Borrow up to S$30,000 |
Flexible repayment |
Issuance of Cashier’s Order |
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Borrow up to 6 times of your monthly income or S$30,000, whichever lower |
Interest Rate from 4.88% per annum (EIR: 5.96%) |
Up to a maximum of 4 Cashier’s Orders will be issued under your appointed renovation contractor’s name Please note that the issued Cashier’s Orders will be valid for 6 months. |
DBS Eco-aware Renovation Loan
DBS Eco-aware Renovation Loan aims to raise awareness about the eco-friendly choices you can make in your home renovation process.
Whether it’s selecting non-toxic paint, choosing energy-efficient appliances, or leveraging smart technology to reduce carbon footprint, there are many easy ways you can incorporate conscious choices into your daily living.
What’s more, fulfil at least 6 out of the 10 items under the “Eco-aware Renovation Checklist” and enjoy an attractive interest rate of 4.88% p.a. (EIR 5.96% p.a2) on your renovation loan.
2 Effective Interest Rate (EIR) - 5.96% p.a. based on 60-months loan tenure and inclusive of 2% handling fee and 1% insurance premium
Terms and conditions apply.
Loan Calculator
Eligibility & Fees
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Who can apply |
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Nationality |
Singapore Citizen or Permanent Resident |
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Age |
21 - 65 years old |
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Property Ownership |
Owned by applicant, OR applicant’s related family member (parent, spouse, child or sibling) |
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Minimum Income |
S$24,000 per annum |
The following fees are payable and deducted from the approved loan amount:
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Handling Fee |
2% of approved loan amount |
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Insurance Premium |
1% of approved loan amount (In the event of death or total permanent disability, Manulife will pay off your outstanding renovation loan balance) |
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Other Fees |
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Cashier’s Order Issuance |
First Cashier’s Order is free A fee of S$5 will be chargeable for each subsequent Cashier’s Order (Deducted from your designated loan servicing account) |
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Cancellation Fee |
1% of approved loan amount |
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Pre-payment Fee |
1% of outstanding loan amount |
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Late Payment Fee |
S$35 for each month or part thereof during which any instalment and/or interest is not paid |
Post-Disbursement
Site visits will be conducted post-disbursement to ensure that the loan proceeds are used for the stated renovation works as listed in the quotation.
Full terms & conditions can be found here.
Apply now
You will need a DBS / POSB deposit account to service your loan. If you do not have one, click here to apply before submitting your Renovation Loan application.
Click here for a detailed guide on the application process.
For Joint Applicants / Non-owner Borrowers
Download the application form and submit your application at any POSB or DBS branch.
Get more Benefits
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Limited time sign up bonus:
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Frequently Asked Questions
You may borrow up to 6 times of your monthly income or S$30,000, whichever is lower. Please note that this is also subjected to approval based on your credit eligibility.
Main Applicant: Minimum income of S$24,000 per annum
Joint Applicant: Minimum Income of S$12,000 per annum (Main Applicant’s parent, spouse, child or sibling)
The lower monthly income (up to 12 times) of the two applicants will be used to compute the loan amount in a joint application. Please note that the maximum loan amount that will be considered is S$30,000.
For example:
If your monthly income is S$4,000 and the joint applicant’s monthly income is S$1,500, you can borrow up to a maximum of S$18,000 (S$1500 x 12).
Your Renovation Loan can be used for:
- Installation of Solar Panels
- Electrical and wiring works
- Built-in cabinets
- Painting and redecorating works (e.g. wallpaper)
- Structural alterations
- External works within compound of the house
- Flooring and tiling
- Basic bathroom fittings
Please note that the Renovation Loan cannot be used to pay for furnishings or for any other purpose besides renovation. If you need help to finance your home furnishings, get ready cash with DBS Personal Loan.
Renovation loan is an unsecured loan as there is no collateral involved.
However, a renovation invoice/quotation is required to be submitted along with your application to show that the loan is to be used for home renovation works.
| Approved loan amount: | Fees payable: | Disbursed loan amount: |
|---|---|---|
| S$10,000 | Handling Fee (2% of S$10,000) = S$200 Insurance Premium (1% of S$10,000) = S$100 | S$9,700 (S$10,000 – S$200 – S$100) |
You will receive a letter on the outcome of your renovation loan application at your mailing address within 5-7 working days if all documents submitted are in order.
The approved loan amount will be disbursed in cashier’s orders as indicated in the application.
If additional information or documentation is required, you will receive an email with the details.
We appreciate your patience if the processing time takes longer when there are additional follow-ups required.
The cashier’s orders will be issued under your appointed renovation contractor’s name. You may pass them to your renovation contractor progressively as per the agreed payment schedule in the renovation invoice.
To reduce your Renovation Loan amount, you may use the Service Request form here to submit your request.
To increase your Renovation Loan amount, kindly submit a fresh application for the incremental loan amount (minimum S$5,000) using the application form here and provide your latest renovation invoice and income documents.
The monthly repayment amount will be automatically deducted from your loan servicing account on the 1st working day of every month. Please ensure sufficient funds in your account to avoid incurring the late payment fees.
You can have a maximum of 2 renovation loans with DBS/POSB, as long as the total loan amount does not exceed S$30,000. Please note that this is also subjected to approval based on your credit eligibility.
Service Requests
You may submit your request to amend or redeem your renovation loan online with these forms below.
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Full Redemption of Loan |
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Change in Contractor/ Loan Tenure |
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